MYR Group, Inc. (NASDAQ:MYRG) Receives Consensus Rating of “Moderate Buy” from Analysts

MYR Group, Inc. (NASDAQ:MYRG) has received an average recommendation of “Moderate Buy” from the nine analysts that are covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $389.8333.

MYRG has been the topic of several research analyst reports. Zacks Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a research report on Friday, July 17th. Robert W. Baird set a $373.00 price target on shares of MYR Group in a research report on Thursday, April 30th. Oppenheimer reaffirmed a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Finally, Cantor Fitzgerald upped their target price on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th.

Insider Activity

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the completion of the sale, the director directly owned 18,631 shares in the company, valued at $8,393,265.50. This represents a 15.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the completion of the transaction, the director owned 5,579 shares of the company’s stock, valued at $2,507,927.87. This represents a 72.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On MYR Group

A number of large investors have recently bought and sold shares of MYRG. Bank of Montreal Can boosted its position in MYR Group by 0.8% in the 4th quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock worth $1,319,000 after purchasing an additional 50 shares in the last quarter. Carolina Wealth Advisors LLC purchased a new stake in MYR Group in the 2nd quarter worth $30,000. Captrust Financial Advisors increased its holdings in MYR Group by 0.7% in the 4th quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider’s stock worth $1,869,000 after acquiring an additional 61 shares in the last quarter. Cetera Investment Advisers raised its position in MYR Group by 2.2% during the fourth quarter. Cetera Investment Advisers now owns 2,837 shares of the utilities provider’s stock worth $620,000 after acquiring an additional 62 shares during the period. Finally, Signaturefd LLC raised its position in MYR Group by 65.7% during the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after acquiring an additional 65 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $379.17 on Monday. The business has a 50-day moving average of $441.22 and a 200-day moving average of $346.23. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $5.90 billion, a price-to-earnings ratio of 41.80 and a beta of 1.31. MYR Group has a 12 month low of $171.51 and a 12 month high of $503.57.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, topping analysts’ consensus estimates of $2.09 by $0.90. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The business’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.45 EPS. Sell-side analysts expect that MYR Group will post 11.43 earnings per share for the current fiscal year.

MYR Group Company Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.